June 13, 2011

SPY Triangle pattern

CHART-II
  • Price sustaining below 127.26 will extend correction.
  • Getting support here may give an up move.
CHART-I
  • SPY 5 Minutes chart.
  • consolidation has resulted in a triangle pattern
  • Breakout can give good direction. 
  • Considering the oversold situation an upper breakout may be an easy trade to take. Beware of whipsaws as well.

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